York Traditions Bank (OTC Pink: YRKB) reported net income of $1,470,000, or 47 cents per share, for the third quarter ended September 30, 2019, compared to $1,252,000, or 40 cents per share, for the third quarter ended September 30, 2018. This represents a $218,000 or 17% increase over the third quarter of 2018. Net income for the nine months ended September 30, 2019, was $4,063,000 or $1.30 per share. This represents an increase of $571,000, or 16%, over the first nine months of last year. Book value per common share stood at $17.63 on September 30, 2019.

"We are pleased to report another strong quarter of earnings growth," stated Eugene J. Draganosky, President and Chief Executive Officer. "Net interest income increased $519,000 for the quarter and $1,365,000 year-to-date on double-digit loan and deposit generation. Loans grew $44.3 million, or 12%, and deposits grew $63.3 million, or 17%, over the past twelve months. Deposit generation was exceptional for the quarter and we expect the pace of growth to normalize. Our year-to-date net interest margin remains above the prior year; however, we have experienced modest compression with the recent Federal Reserve interest rate cuts. Mortgage production has benefited from lower rates and satisfactory local housing demand with gains increasing $435,000, or 46%, for the quarter. Credit quality remains very good with non-performing assets/total assets falling to 0.22% during the quarter."

York Traditions Bank cautions readers not to place undue reliance on forward-looking statements and to consider possible events or factors that could cause results or performance to materially differ from those expressed in the forward-looking statements, including, but not limited to: ineffectiveness of the bank's business strategy due to changes in current or future market conditions; the effects of competition, and of changes in laws and regulations on competition, including industry consolidation and development of competing financial products and services; interest rate movements; difficulties in integrating distinct business operations, including information technology difficulties; challenges in establishing and maintaining operations in new markets; volatilities in the securities markets; and deteriorating economic conditions.